A Giant Leap in Prices of Gold Rate
Posted on: 24/Feb/2018 2:50:09 PM
India is considered to be the largest buyers of gold in terms of cultural and traditional perspectives of the country. The country’s major population deals gold with their cultural heritage and projecting the ornament as a part of the wedding and festival traditions. This makes the yellow metal as a main commodity for investment and trade inside India.
The latest report of the Finance Minister stated that the steps are being analyzed and planned to stabilize the overall variable pricing of Gold rate depending on the World Market. New plans are introduced in making the ends meet, depending on the Gold Jewelry and also as the treasury savings that decides the economy of the country in a large scale.
In the year 2008 the gold rate was Rs 12,500 for 10 grams and then followed by steady increase in the rate depending on the savings and expenditure of the economy.
Now the latest rate for a 24 carat gold is Rs 31,240 dating 24.2.2018 which is visibly a hopping amount of rise when compared to the past decade. This historical increase in the gold rate is explained through many economic criteria that had been evolved inside the country. But on the point of view of People buying or selling gold, this price increase tremendously affected the middle and lower income class of India in dealing with the ornament.
The year 2010 and 2011 saw a big leap of increase in the rate from Rs 18,500 for 10 grams of Gold to Rs 26,400 for 10 grams. Then the following years were in the face of increasing co-ordinates only depending on the each year’s economy and dollar variables.
The 24 carat Gold rate as of 24th February 24, 2018 is Rs 3067.00 and 22 carat Gold is Rs 2921.00. The last year commencement had a pure gold rate as Rs 2957 per gram and for the 22 carat Gold as Rs 2809 per gram.
Though it seems that the values are fluctuating in between various ranges the gold has undeniably crossed the extreme rise in the past ten years. The reason for this rate increase is the saving on Gold as an investment option, buying and storing it for future increase to sell it for profit.
